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Use of Special Purpose Entities and Variable Interest Entities (Tables) | 6 Months Ended
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Jun. 30, 2018
Variable Interest Entity [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets and liabilities of Riverchase Landing and The Clusters at the Changeover Date (dollar amounts in thousands).
Cash | $ | 112 |
Operating real estate (1) | 62,322 |
Lease intangibles (1) | 5,340 |
Receivables and other assets | 2,260 |
Total assets | 70,034 |
Mortgages payable | 51,570 |
Accrued expenses and other liabilities | 1,519 |
Total liabilities | 53,089 |
Non-controlling interest (2) | 4,462 |
Net assets consolidated | $ | 12,483 |
(1) | Reclassified to real estate held for sale in consolidated variable interest entities on the condensed consolidated balance sheets in 2017 (see Note 11).
(2) | Represents third party ownership of membership interests in Riverchase Landing and The Clusters. The fair value of the non-controlling interests in Riverchase Landing and The Clusters, both private companies, was estimated using assumptions for the timing and amount of expected future cash flows from the underlying multi-family apartment communities and a discount rate.
Schedule of Assets and Liabilities of Consolidated VIE's | The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2018 and December 31, 2017, respectively (dollar amounts in thousands):
|  |  | June 30, 2018 |  | December 31, 2017
| Fair Value Hierarchy Level |  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | Level 1 |  | $ | 84,717 |  |  | $ | 84,717 |  |  | $ | 95,191 |  |  | $ | 95,191 |
Investment securities available for sale (1) | Level 2 or 3 |  | 1,290,015 |  |  | 1,290,015 |  |  | 1,413,081 |  |  | 1,413,081 |
Residential mortgage loans held in securitization trusts, net | Level 3 |  | 66,047 |  |  | 65,118 |  |  | 73,820 |  |  | 72,131 |
Distressed residential mortgage loans, at carrying value, net (2) | Level 3 |  | 290,645 |  |  | 292,592 |  |  | 331,464 |  |  | 334,765 |
Residential mortgage loans, at fair value (3) | Level 3 |  | 169,197 |  |  | 169,197 |  |  | 87,153 |  |  | 87,153 |
Multi-family loans held in securitization trusts | Level 3 |  | 9,345,360 |  |  | 9,345,360 |  |  | 9,657,421 |  |  | 9,657,421 |
Derivative assets | Level 2 |  | 10,543 |  |  | 10,543 |  |  | 10,101 |  |  | 10,101 |
Mortgage loans held for sale, net (4) | Level 3 |  | 4,750 |  |  | 5,090 |  |  | 5,507 |  |  | 5,598 |
Mortgage loans held for investment (4) | Level 3 |  | 1,760 |  |  | 1,900 |  |  | 1,760 |  |  | 1,900 |
Preferred equity and mezzanine loan investments (5) | Level 3 |  | 176,741 |  |  | 178,848 |  |  | 138,920 |  |  | 140,129 |
Investments in unconsolidated entities (6) | Level 3 |  | 53,671 |  |  | 53,737 |  |  | 51,143 |  |  | 51,212 |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Financing arrangements, portfolio investments | Level 2 |  | 1,179,961 |  |  | 1,179,961 |  |  | 1,276,918 |  |  | 1,276,918 |
Financing arrangements, residential mortgage loans | Level 2 |  | 192,233 |  |  | 192,233 |  |  | 149,063 |  |  | 149,063 |
Residential collateralized debt obligations | Level 3 |  | 62,198 |  |  | 59,635 |  |  | 70,308 |  |  | 66,865 |
Multi-family collateralized debt obligations | Level 3 |  | 8,838,841 |  |  | 8,838,841 |  |  | 9,189,459 |  |  | 9,189,459 |
Securitized debt | Level 3 |  | 61,026 |  |  | 65,894 |  |  | 81,537 |  |  | 87,891 |
Subordinated debentures | Level 3 |  | 45,000 |  |  | 45,000 |  |  | 45,000 |  |  | 45,002 |
Convertible notes | Level 2 |  | 129,738 |  |  | 137,338 |  |  | 128,749 |  |  | 140,060 |
(1) | Includes $50.1 million and $47.9 million of investment securities for sale held in securitization trusts as of June 30, 2018 and December 31, 2017, respectively.
(2) | Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $105.9 million and $121.8 million at June 30, 2018 and December 31, 2017, respectively, and distressed residential mortgage loans with a carrying value amounting to approximately $184.7 million and $209.7 million at June 30, 2018 and December 31, 2017, respectively.
(3) | Includes distressed residential mortgage loans with a carrying value amounting to $96.9 million and $36.9 million at June 30, 2018 and December 31, 2017, respectively, and second mortgages with a carrying value amounting to $72.3 million and $50.2 million at June 30, 2018 and December 31, 2017, respectively.
(4) | Included in receivables and other assets in the accompanying condensed consolidated balance sheets.
(5) | Includes preferred equity and mezzanine loan investments accounted for as loans (see Note 9).
(6) | Includes investments in unconsolidated entities accounted for under the fair value option with a carrying value of $45.2 million and $42.8 million at June 30, 2018 and December 31, 2017, respectively (see Note 8).
Summary of Classification and Carrying Value of Unconsolidated VIE's | investments consist of the following as of June 30, 2018 and December 31, 2017 (dollar amounts in thousands):
| June 30, 2018 |  | December 31, 2017
Investment amount | $ | 178,372 |  |  | $ | 140,560 |
Deferred loan fees, net | (1,631 | ) |  | (1,640 | )
Total | $ | 176,741 |  |  | $ | 138,920 |
The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of June 30, 2018 and December 31, 2017 are as follows:
| June 30, 2018 |  | December 31, 2017
New York | 23.9 | % |  | 24.1 | %
Texas | 15.7 | % |  | 24.3 | %
Florida | 13.5 | % |  | 3.9 | %
Virginia | 8.5 | % |  | 10.8 | %
Tennessee | 6.2 | % |  | — |
Alabama | 5.7 | % |  | 7.1 | %
South Carolina | 5.6 | % |  | 7.0 | %
The following tables present the classification and carrying value of unconsolidated VIEs as of June 30, 2018 and December 31, 2017 (dollar amounts in thousands):
| June 30, 2018
| Investment securities, available for sale, at fair value, held in securitization trusts |  | Receivables and other assets |  | Preferred equity and mezzanine loan investments |  | Investment in unconsolidated entities |  | Total
Multi-family CMBS | $ | 50,134 |  |  | $ | 72 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,206 |
Preferred equity investments in multi-family properties | — |  |  | — |  |  | 170,110 |  |  | 8,519 |  |  | 178,629 |
Mezzanine loan on multi-family properties | — |  |  | — |  |  | 6,631 |  |  | — |  |  | 6,631 |
Equity investments in entities that invest in multi-family properties | — |  |  | — |  |  | — |  |  | 27,302 |  |  | 27,302 |
Total assets | $ | 50,134 |  |  | $ | 72 |  |  | $ | 176,741 |  |  | $ | 35,821 |  |  | $ | 262,768 |
| December 31, 2017
| Investment securities, available for sale, at fair value, held in securitization trusts |  | Receivables and other assets |  | Preferred equity and mezzanine loan investments |  | Investment in unconsolidated entities |  | Total
Multi-family CMBS | $ | 47,922 |  |  | $ | 73 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,995 |
Preferred equity investments in multi-family properties | — |  |  | — |  |  | 132,009 |  |  | 8,320 |  |  | 140,329 |
Mezzanine loan on multi-family properties | — |  |  | — |  |  | 6,911 |  |  | — |  |  | 6,911 |
Equity investments in entities that invest in multi-family properties | — |  |  | — |  |  | — |  |  | 25,562 |  |  | 25,562 |
Total assets | $ | 47,922 |  |  | $ | 73 |  |  | $ | 138,920 |  |  | $ | 33,882 |  |  | $ | 220,797 |
The following table summarizes the Company’s securitized debt collateralized by multi-family CMBS and distressed residential mortgage loans (dollar amounts in thousands):
| Multi-family CMBS Re-securitization (1) |  | Distressed Residential Mortgage Loan Securitizations
Principal Amount at June 30, 2018 | $ | 33,262 |  |  | $ | 31,827 |
Principal Amount at December 31, 2017 | $ | 33,350 |  |  | $ | 53,089 |
Carrying Value at June 30, 2018 (2) | $ | 29,628 |  |  | $ | 31,398 |
Carrying Value at December 31, 2017 (2) | $ | 29,164 |  |  | $ | 52,373 |
Pass-through rate of Notes issued | 5.35% |  | 4.00%
(1) | The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note issued in this re-securitization transaction have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
(2) | Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets.
Schedule of Contractual Maturities of Financing VIE's | The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of June 30, 2018 and December 31, 2017, respectively (dollar amounts in thousands):
Scheduled Maturity (principal amount) | June 30, 2018 |  | December 31, 2017
Within 24 months | $ | 31,827 |  |  | $ | 53,089 |
Over 24 months to 36 months | — |  |  | — |
Over 36 months | 33,262 |  |  | 33,350 |
Total | 65,089 |  |  | 86,439 |
Discount | (3,615 | ) |  | (4,232 | )
Debt issuance cost | (448 | ) |  | (670 | )
Carrying value | $ | 61,026 |  |  | $ | 81,537 |
As of June 30, 2018, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):
Fiscal Year | Total
2018 | $ | — |
2019 | 5,026 |
2020 | — |
2021 | — |
2022 | 138,000 |
2023 | — |
Thereafter | 72,554 |
| $ | 215,580 |
Financing VIE |
Variable Interest Entity [Line Items] |
Schedule of Assets and Liabilities of Consolidated VIE's | Assets and Liabilities of Consolidated VIEs as of June 30, 2018 (dollar amounts in thousands):
| Financing VIEs |  | Other VIEs |  |
| Multi-family CMBS Re- securitization (1) |  | Distressed Residential Mortgage Loan Securitization (2) |  | Residential Mortgage Loan Securitization |  | Multi- family CMBS (3) |  | Other |  | Total
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 608 |  |  | $ | 608 |
Investment securities available for sale, at fair value held in securitization trusts | 50,134 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,134 |
Residential mortgage loans held in securitization trusts, net | — |  |  | — |  |  | 66,047 |  |  | — |  |  | — |  |  | 66,047 |
Distressed residential mortgage loans held in securitization trusts, net | — |  |  | 105,851 |  |  | — |  |  | — |  |  | — |  |  | 105,851 |
Multi-family loans held in securitization trusts, at fair value | 1,120,473 |  |  | — |  |  | — |  |  | 8,224,887 |  |  | — |  |  | 9,345,360 |
Real estate held for sale in consolidated variable interest entities | — |  |  | — |  |  | — |  |  | — |  |  | 29,502 |  |  | 29,502 |
Receivables and other assets | 4,152 |  |  | 10,698 |  |  | 1,022 |  |  | 28,166 |  |  | 21,639 |  |  | 65,677 |
Total assets | $ | 1,174,759 |  |  | $ | 116,549 |  |  | $ | 67,069 |  |  | $ | 8,253,053 |  |  | $ | 51,749 |  |  | $ | 9,663,179 |
Residential collateralized debt obligations | $ | — |  |  | $ | — |  |  | $ | 62,198 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,198 |
Multi-family collateralized debt obligations, at fair value | 1,053,789 |  |  | — |  |  | — |  |  | 7,785,052 |  |  | — |  |  | 8,838,841 |
Securitized debt | 29,628 |  |  | 31,398 |  |  | — |  |  | — |  |  | — |  |  | 61,026 |
Mortgages and notes payable in consolidated variable interest entities | — |  |  | — |  |  | — |  |  | — |  |  | 32,520 |  |  | 32,520 |
Accrued expenses and other liabilities | 4,136 |  |  | 57 |  |  | 14 |  |  | 27,830 |  |  | 1,111 |  |  | 33,148 |
Total liabilities | $ | 1,087,553 |  |  | $ | 31,455 |  |  | $ | 62,212 |  |  | $ | 7,812,882 |  |  | $ | 33,631 |  |  | $ | 9,027,733 |
(1) | The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 7).
(2) | The Company engaged in this transaction for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed- and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one- to four- family properties. Balances as of June 30, 2018 are related to a securitization transaction that closed in April 2016 that involved the issuance of $177.5 million of Class A Notes representing the beneficial ownership in a pool of performing and re-performing seasoned mortgage loans. The Company holds 5% of the Class A Notes issued as part of the securitization transaction, which were eliminated in consolidation.
(3) | Six of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series were not held in a Financing VIE as of June 30, 2018.
Assets and Liabilities of Consolidated VIEs as of December 31, 2017 (dollar amounts in thousands):
| Financing VIEs |  | Other VIEs |  |
| Multi-family CMBS Re- securitization (1) |  | Distressed Residential Mortgage Loan Securitization (2) |  | Residential Mortgage Loan Securitization |  | Multi- family CMBS (3) |  | Other |  | Total
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 808 |  |  | $ | 808 |
Investment securities available for sale, at fair value held in securitization trusts | 47,922 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,922 |
Residential mortgage loans held in securitization trusts, net | — |  |  | — |  |  | 73,820 |  |  | — |  |  | — |  |  | 73,820 |
Distressed residential mortgage loans held in securitization trusts, net | — |  |  | 121,791 |  |  | — |  |  | — |  |  | — |  |  | 121,791 |
Multi-family loans held in securitization trusts, at fair value | 1,157,726 |  |  | — |  |  | — |  |  | 8,499,695 |  |  | — |  |  | 9,657,421 |
Real estate held for sale in consolidated variable interest entities | — |  |  | — |  |  | — |  |  | — |  |  | 64,202 |  |  | 64,202 |
Receivables and other assets | 4,333 |  |  | 15,428 |  |  | 935 |  |  | 29,301 |  |  | 25,507 |  |  | 75,504 |
Total assets | $ | 1,209,981 |  |  | $ | 137,219 |  |  | $ | 74,755 |  |  | $ | 8,528,996 |  |  | $ | 90,517 |  |  | $ | 10,041,468 |
Residential collateralized debt obligations | $ | — |  |  | $ | — |  |  | $ | 70,308 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,308 |
Multi-family collateralized debt obligations, at fair value | 1,094,044 |  |  | — |  |  | — |  |  | 8,095,415 |  |  | — |  |  | 9,189,459 |
Securitized debt | 29,164 |  |  | 52,373 |  |  | — |  |  | — |  |  | — |  |  | 81,537 |
Mortgages and notes payable in consolidated variable interest entities | — |  |  | — |  |  | — |  |  | — |  |  | 57,124 |  |  | 57,124 |
Accrued expenses and other liabilities | 4,316 |  |  | 2,957 |  |  | 24 |  |  | 28,969 |  |  | 1,727 |  |  | 37,993 |
Total liabilities | $ | 1,127,524 |  |  | $ | 55,330 |  |  | $ | 70,332 |  |  | $ | 8,124,384 |  |  | $ | 58,851 |  |  | $ | 9,436,421 |
(1) | The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 7).
(2) | The Company engaged in this transaction for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financing are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed- and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one- to four- family properties. Balances as of December 31, 2017 are related to a securitization transaction that closed in April 2016 that involved the issuance of $177.5 million of Class A Notes representing the beneficial ownership in a pool of performing and re-performing seasoned mortgage loans. The Company holds 5% of the Class A Notes issued as part of the securitization transaction, which have been eliminated in consolidation.
(3) | Six of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series were not held in a Financing VIE as of December 31, 2017.

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